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Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. 

Hamad I Mohammed | Reuters

Saudi Aramco’s first-quarter net profit fell 5% year-on-year amid lower oil prices and production.

Net income for the three months to March 31 came in at $26 billion, down from $27.3 billion for the same period last year, the company reported. The figure was slightly above analyst expectations of $25.3 billion.

Aramco announced its free cash flow for the quarter at $19.2 billion, down from $22.8 billion in the first quarter of 2024, and cash flow from operating activities at $31.7 billion compared to last year’s $33.6 billion.

The figures signal continuing strain for the Saudi state oil giant’s balance sheet as crude prices show no sign of recovering and global demand slows in line with pressures on trade.

The company in March announced it would be slashing its performance-linked dividend payout for the fourth quarter of 2024 to $200 million — down from $10.2 billion the previous quarter — and repeated that $200 million figure for the first-quarter of this year, to be paid in the second quarter.

Its first-quarter base dividend excluding the performance-based payouts increased by 4.2% year-on-year to $21.1 billion. But if assessed in total, the dividend fell from $31 billion in the same period last year to $21.36 billion now, due to the cut to its performance-linked element.

Lower oil prices will weigh on Middle East economies, but they're still well-cushioned: S&P Global

“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” Aramco CEO Amin Nasser said in a statement accompanying the earnings report.

“In this context, Aramco’s robust financial performance once again demonstrated the Company’s unique scale, its reliability and flexibility, the value of its lowcost operations … Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view.”

Nasser added, “In volatile times Aramco’s resilience underpins both our financial performance and our sustainable and progressive base dividend.”

Bearish oil market ahead

The massive dividend reduction eases pressure on Aramco itself, but means less revenue for the Saudi government as it faces widening deficits and mounting debt due to costly megaprojects and lower oil prices.

The kingdom also constrained its oil revenue potential by maintaining months of coordinated OPEC+ production cuts meant to stabilize the market. That policy changed dramatically after Saudi Arabia and several of its OPEC+ allies announced a shock acceleration to production increase plans in April, even as markets and crude prices were tanking on the news of U.S.-imposed global tariffs.

In early May, OPEC+ again raised its production target for June by 411,000 barrels per day — the second consecutive month of accelerated unwind of the 2.2 million-barrel per day voluntary cuts that had been in place since the start of 2024.

Banks and energy agencies have steadily downgraded their oil price outlooks for the year, anticipating large supply gluts and weak demand. The U.S. Energy Information Administration’s latest forecast sees Brent crude averaging $65.85 per barrel this year, while Morgan Stanley cut its price outlook to $62.50 per barrel in the second half of this year, down by $5 per barrel from the bank’s previous forecast.

Morgan Stanley also predicts a market glut of up to 1.1 million barrels per day in the second half of 2025 — an increase of 400,000 bpd from its previous surplus call.

$60 oil is likely to have a 'significant' impact on the deficits of GCC countries, says Goldman Sachs

Goldman Sachs, meanwhile, sees Brent averaging $60 per barrel in the remainder of 2025, compared to $63 previously, and $56 per barrel in 2026, compared to $58 previously.

Saudi Arabia needs oil at more than $90 a barrel to balance its budget, the International Monetary Fund estimates. Goldman Sachs in mid-April warned that Brent crude at $62 a barrel — its price forecast at the time — could more than double the kingdom’s 2024 budget deficit of $30.8 billion.

“In Saudi Arabia, we estimate that we’re probably going to see the deficit go up from around $30 to $35 billion to around $70 to $75 billion, if oil prices stayed around $62 this year,” said Farouk Soussa, MENA economist at Goldman Sachs. The bank’s forecast for the rest of 2025 now sits at $60 per barrel.

“That means more borrowing, probably means more cutbacks on expenditure, it probably means more selling of assets, all of the above,” Soussa told CNBC last month. “And this is going to have an impact both on domestic financial conditions and potentially even international.”

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Trump nominates a Tesla critic to lead NHTSA

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Trump nominates a Tesla critic to lead NHTSA

President Trump has nominated Jonathan Morrison to lead the National Highway Traffic Safety Administration (NHTSA). Morrison has previously criticized and tussled with Tesla in his previous role at NHTSA.

Morrison is now Trump’s nominee to head the National Highway Traffic Safety Administration, which is in charge of regulating the auto industry in the US.

The attorney was the agency’s Chief Counsel during Trump’s first term, and he had a few disputes with Tesla during that time.

In September 2018, the US National Highway Traffic Safety Administration (NHTSA) released its Tesla Model 3 crash test results, and the EV got five-star safety ratings in every category.

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Tesla interpreted the data from the test and claimed that Model 3 achieved “the lowest probability of injury of any vehicle ever tested by NHTSA“.

Morrison sent Tesla a cease-and-desist letter over the claim, arguing that it was misleading.

The lawyers also subpoenaed Tesla to get data about a specific crash in 2019.

Next week, Morrison is expected to have his confirmation hearing in the Senate and could take up his role shortly after.

The nomination is significant in the context of the current feud between Tesla CEO Elon Musk and President Trump.

Musk has been criticizing Trump and his allies over their recently passed budget and tax bill, which is expected to significantly increase the federal government’s debt and eliminate virtually all subsidies to electric vehicles and renewable energy, potentially harming Tesla.

Trump has warned Musk that he could go directly after his companies and NHTSA would be the top vehicle for that when it comes to Tesla.

The agency had already launched several investigations into Tesla over the years, with the largest one examining Tesla’s Full Self-Driving program and several fatal crashes related to the ADAS system.

Electrek’s Take

Most NHTSA probes into Tesla have resulted in slaps on the wrist at best, but this FSD probe involves several fatal crashes, and even though it started under the Biden administration, it could potentially ramp up under Trump, especially amid his feud with Musk.

On the one hand, it’s disheartening to see the US reach this point, where feuds between billionaires and elected officials are settled through regulatory agencies. Still, at the same time, Musk did buy the election for Trump, so he created this situation in the first place, and there are serious concerns about how safe FSD is.

At the very least, I would hope that NHTSA will start to force Tesla to release all its FSD crash and disengagement data.

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A 25 mph ambulance? The GEM microcar is now an emergency responder

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A 25 mph ambulance? The GEM microcar is now an emergency responder

You might remember the GEM as a quirky little electric microcar that’s been cruising through campuses, resorts, and planned communities for years. But now, it’s taking on a more serious job – saving lives. Waev Inc., the maker behind the long-running GEM electric vehicle line, has just unveiled the GEM Ambulance, a purpose-built, all-electric, street-legal low-speed vehicle (LSV) designed specifically for emergency medical services.

While it might not replace a full-size ambulance on high-speed highways, this new electric responder is tailor-made for the dense environments where conventional ambulances often struggle: college campuses, sporting events, entertainment venues, airports, and more. With a top speed of 25 mph, it’s built for maneuverability, safety, and zero-emission performance in pedestrian-heavy areas.

“The GEM Ambulance fills a critical gap in medical response – delivering the ideal balance of agility and safety EMS teams need in crowded settings,” said Byron Dudley, Vice President at Waev Inc.

The new GEM Ambulance is built on the same proven electric platform that has powered GEM vehicles for over 25 years. It’s a highly refined LSV that combines practical engineering with professional-grade EMS functionality. In partnership with emergency equipment supplier QTAC, Waev integrated a skid-mounted EMS system that includes secure patient transport, attendant seating, optional oxygen and IV mounts, and rugged PolyTough™ construction designed to handle demanding conditions.

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Unlike golf carts or UTV-based setups that have been DIYed into emergency vehicles, the GEM Ambulance offers a more stable, comfortable, and professional platform. The EMS skid is positioned between the wheels for better weight distribution, and the vehicle’s low deck height and rear step-up provide easy access for patients and personnel alike.

The GEM Ambulance doesn’t skimp on emergency essentials either. It’s equipped with a 360-degree red emergency lighting system, an SAE Class 1-compliant siren with multiple sound patterns, a public address system, turn signals, LED headlights and taillights, and even a pedestrian noise emitter for quiet zones. A backup camera and full 360° sightlines give drivers added confidence when navigating tight environments.

And since it’s 100% electric, there’s no tailpipe emissions to worry about when operating indoors or in crowded spaces. Maintenance is minimal thanks to GEM’s maintenance-free batteries, regenerative braking, and corrosion-resistant aluminum frame. There’s even a seven-year warranty on the lithium-ion battery option.

The biggest surprise might be the price. According to Waev, the GEM Ambulance can cost up to 80% less than a traditional ambulance and 50% less than electric trucks or UTV-based alternatives. Plus, with operating costs of just $0.03 per mile, it promises long-term savings with no fuel, no fluids, and no downtime from engine servicing.

With applications ranging from college campuses and amusement parks to military installations and warehouse sites, the GEM Ambulance could be a game-changer for localized EMS response. It’s available now through GEM’s nationwide dealer network and can also be purchased through government contracts like Sourcewell, Texas BuyBoard, and GSA procurement channels.

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The Kia EV5 might be coming to the US after all

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The Kia EV5 might be coming to the US after all

The Kia EV5 is officially heading to North America in early 2026, paving the way for a potential US launch. If so, it could go head-to-head with the Tesla Model Y.

Is Kia launching the EV5 in the US?

On Tuesday, Kia unveiled the new EV5, a global version of its electric SUV that has been sold in China since 2023.

Starting at around $20,000 (149,800 yuan), the EV5 is leading Kia’s comeback in China. It’s also a top-selling EV in Australia, where it’s exported from Kia’s Chinese joint venture, Yueda Kia.

The global version will be made in Korea with a few slight upgrades. For one, it’s powered by an 81.4 kWh nickel-manganese-cobalt (NMC) battery pack, rather than the BYD LFP Blade battery used in the version sold in China.

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In Europe, the EV5 will be initially available in two variants: a baseline model and a GT-Line model. Both are powered by front-wheel drive (FWD) with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque.

Kia-EV5-US
Kia EV5 baseline trim (Source: Kia)

The global version is 4,610 mm long, 1,875 mm wide, and 1,675 mm tall, or a bit smaller than the Tesla Model Y. It’s about the size of the Hyundai IONIQ 5.

Inside, you’ll find a setup similar to the EV9 and EV3, featuring Kia’s new ccNC (connected car Navigation Cockpit) infotainment system. The setup features a 12.3″ instrument cluster and a 12.3″ infotainment display in a panoramic format. There’s also an added 5.3″ climate control screen.

Kia-EV5-US
Kia EV5 GT-Line interior (Source: Kia)

During the launch event, Kia said the “rollout begins” in Korea and Europe in the second half of 2025, adding North American sales will start in early 2026.

Does that include the US? I wouldn’t get my hopes up. In January, Kia announced the EV5 will be “exclusive to the Canadian market in North America.” It will begin arriving at dealerships in 2026.

Kia-EV5-US
Kia EV5 GT-Line (Source: Kia)

However, it might make sense. The EV5 for North America will have a built-in NACS port, unlocking access to Tesla Superchargers. It will be available in both AWD and FWD powertrains. Two battery sizes will be offered, 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).

Kia-EV5-US
Kia EV5 GT-Line interior (Source: Kia)

With sales of the EV6 and EV9 slipping nearly 50% each through the first half of the year in the US, the EV5 could complement the two.

Electrek’s Take

Although it’s still unlikely, the EV5 could serve as a potential electric alternative to the Sportage, Kia’s top-selling vehicle in the US.

Through June, Kia has sold over 87,000 Sportage models in the US. In comparison, it’s only sold 4,938 EV9s and 5,875 EV6 models.

Kia is launching the EV4, its first electric sedan, in the US early next year. However, a smaller compact electric SUV may be an even better fit.

It already builds the EV9 and EV6 in Georgia, so it could produce the EV5 in the US to avoid extra tariff costs. Or, it could even potentially be built at Hyundai’s new EV plant in Georgia. However, nothing is confirmed.

Would you buy the Kia EV5 in the US? Prices would likely start at around $50,000. Drop us a comment below and let us know your thoughts.

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